Hurricane Harvey has rocked Texas, causing billions of dollars in construction damage. As cities start to rebuild, it’s our duty to help business owners get back on their feet.
UC Funds has a long history of investing in Houston’s commercial real estate, with over $150 million invested over the past four years. These projects span all property types, from two Holiday Inns, the Heights Medical Office Plaza, and multifamily buildings including Avery Park Apartments, Barcelona Apartments, Sorrel Apartments and Waterstone Apartments, among others.
Now that the flood waters are receding, are you ready to build? Here are five tips on what to do:
- Assess the situation. Document everything for insurance through pictures and reports. The number of insurance claims being filed is staggering, and having all the correct documentation and property damage visuals will help ensure your claim gets approved faster.
- Resolve all safety issues. Especially in the case of multifamily properties, it’s paramount to make sure that all steps are taken to ensure the safety of families and tenants that are either still in the property or are trying to get back into the property to retrieve any belongings.
- Keep all communication lines open. For owners not in the immediate region, have property managers give you daily reports on the events of the day. These should detail any further damage, emergency assistance, recovery efforts, or insurance steps that have been completed.
- Contact an emergency services company. There are specific businesses dedicated to helping large-scale owners get back on their feet. For example, our Alabama properties prepared for Hurricane Harvey by enlisting the services of Delta Disaster Services. Companies like these are dedicated to property restoration, whether damage is from fires, floods, or environmental issues.
- Apply for financing. Willing financers are key to rebuilding the Houston area. The faster the money flows in, the quicker the region gets back on their feet. Evaluate the pros and cons of applying for financing at a bank or a capital solutions providers. Companies like UC Funds are usually at an advantage as we can approve and deploy capital faster and at more attractive rates than a typical bank.
To put our money where our mouth is, my non-profit organization, The Palmier Foundation, is donating $1,000 on behalf of our Alabama property Emerald Greens to go towards Houston’s relief efforts. This money will help with kit preparation for people displaced by the flooding, and will include socks, blankets, toiletry kits, sheets, pillows, pet supplies, etc., which will be distributed through Hatching Hope of Alabama.
If you are a commercial real estate owner in need of financing, the UC Funds team will be in Houston in September and October. We would love to meet with those that have any financing needs for either existing or new properties in the region.
Our new UC GO product is particularly helpful in crises where funds are needed quickly. UC GO is the most competitive commercial mortgage product available. The non-recourse commercial mortgage bridge loan is now available at 85 percent LTV and 0.5 debt service coverage ratio. The variable rate non-recourse product, which starts at LIBOR +350, is available for loans as little as $5 million.
To apply for our financing, contact Domenico Manago at 857-288-2811 or dmanago@ucfunds.com.
